中国资本市场换股并购现金选择权问题研究  

A Research on the Cash-option of Stock-for-stock M&A in Chinese Capital Market

作　　者：王月溪[1] 姜盼[1] 

机构地区：[1]东北财经大学金融学院,辽宁大连116021

出　　处：《哈尔滨商业大学学报（社会科学版）》2013年第5期3-11,共9页Journal of Harbin University of Commerce:Social Science Edition

摘　　要：现金选择权制度是我国资本市场的一项制度创新,当公司发生重大重组事项时可以保护中小股东权益。但由于缺乏相关法规的制约,现金选择权制度在实践中过于自由。业界对现金选择权制度有很多不同的理解,引发了诸多矛盾。而现金选择权制度设计上存在的缺陷,削弱了对中小股东保护功能,有违现金选择权制度的初衷。因此,针对我国已经完成的25起换股并购现金选择权案例,在现金选择权的行权主体、行权条件、定价方法、行权风险收益等方面进行实证分析的基础上,提出了重新建立现金选择权制度的方案。Cash - option system is a system innovation of our capital market, which protects interests of minority shareholders as major matters occur in company. While due to the lack of related laws and regulations, the Cash - option system arrangement is too free, there are many different under- standing to Cash - option system, which caused many contradictions. Cash - option system in the design also has many defects, which weaken the function of minority shareholders＇ protection and contraried to the original intention. Summarizing all the 25 merger cases designed of Cash - option in China which have successfully completed, analysises the Cash - option authority subject, vesting conditions, pricing method, right risk and re- turn in empirical method. Finally proposes to build a new kind of Cash - option system.

关 键 词：换股并购 现金选择权 中小股东利益保护 

分 类 号：F832.51[经济管理—金融学]